Ross 2015 Annual Report Download - page 56

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54
As of January 30, 2016 and January 31, 2015, total unamortized discount and debt issuance costs were $4.0 million and
$4.4 million, respectively, and were classified as a reduction of Long-term debt.
The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal.
The aggregate fair value of the three outstanding senior note issuances was approximately $423 million and $442 million as
of January 30, 2016 and January 31, 2015, respectively. The fair value is estimated by obtaining comparable market quotes
which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.
The following table shows scheduled annual principal payments on Long-term debt:
($000)
2016
—
2017
—
2018
85,000
2019
—
2020
—
Thereafter
315,000
The table below shows the components of interest expense and income for fiscal 2015, 2014, and 2013:
($000)
2015
2014
2013
Interest expense on long-term debt
18,568
12,990
9,721
Other interest expense
1,252
1,230
1,350
Capitalized interest
(6,530
(10,825
)
(10,799
)
Interest income
(678
(411
)
(519
)
Interest expense (income), net
12,612
2,984
(247
)
Revolving credit facility. The Company's $600 million unsecured revolving credit facility expires in June 2017 and contains
a $300 million sublimit for issuance of standby letters of credit. Interest on this facility is based on LIBOR plus an applicable
margin (currently 100 basis points) and is payable quarterly and upon maturity. As of January 30, 2016 the Company had no
borrowings or standby letters of credit outstanding under this facility and the $600 million credit facility remains in place and
available. The Company plans to renew the revolving credit facility in 2016.
The revolving credit facility is subject to certain financial covenants, including interest coverage and other financial ratios. In
addition, the interest rates under the revolving credit facility may vary depending on actual interest coverage ratios achieved.
As of January 30, 2016, the Company was in compliance with these covenants.
Standby letters of credit and collateral trust. The Company uses standby letters of credit outside of its revolving credit
facility in addition to a funded trust to collateralize its insurance obligations. As of January 30, 2016 and January 31, 2015,
the Company had $15.3 million and $19.5 million, respectively, in standby letters of credit and $56.4 million and $56.3
million, respectively, in a collateral trust. The standby letters of credit are collateralized by restricted cash and the collateral
trust consists of restricted cash, cash equivalents, and investments.
Trade letters of credit. The Company had $32.0 million and $32.8 million in trade letters of credit outstanding at
January 30, 2016 and January 31, 2015, respectively.